Zurich Insurance set to acquire 51 pc stake in Kotak General Insurance for Rs 4,051 cr
The investment will be through a combination of fresh growth capital and share purchase, private sector lender Kotak Mahindra Bank said in a regulatory filing.
Zurich Insurance Company; Kotak General Insurance
MUMBAI: Zurich Insurance Company is set to acquire 51 per cent stake in Kotak General Insurance for Rs 4,051 crore.
The investment will be through a combination of fresh growth capital and share purchase, private sector lender Kotak Mahindra Bank said in a regulatory filing.
Zurich Insurance will acquire an additional stake of 19 per cent in the general insurance company in three years, it said.
It said, Kotak Mahindra Bank and Kotak Mahindra General Insurance Company have entered into a definitive agreement for the stake sale with Zurich Insurance Company.
The shares of Kotak Mahindra Bank were trading 1.46 per cent up at Rs 1,748.90 a piece on the BSE at 1004 hrs as against an 0.83 per cent gain on the benchmark.